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Emery Federal Credit Union

Additional Locations

Phone: (513) 530-9351 Fax: (513) 530-9357 View Additional Phone Numbers 7890 E Kemper Rd  Suite Fl 1, Cincinnati, OH 45249 http://www.emeryfcu.org


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Description

This company offers financial services.


BBB Accreditation

This business is not BBB accredited.

Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.

To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.


Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that raised the rating for Emery Federal Credit Union include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 17 complaint(s) filed against business
  • Resolution of complaint(s) filed against business

Industry Ratings Comparison | Chart


Customer Complaints Summary Read complaint details

17 complaints closed with BBB in last 3 years | 1 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 1
Billing/Collection Issues 2
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 14
Total Closed Complaints 17

Customer Reviews Summary Read customer reviews

17 Customer Reviews on Emery Federal Credit Union
Customer Experience Total Customer Reviews
Positive Experience 6
Neutral Experience 0
Negative Experience 11
Total Customer Reviews 17

Additional Information

BBB file opened: October 15, 1992 Business started: 01/01/1939 in OH Business incorporated 02/28/1994 in OH
Licensing, Bonding or Registration

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Ohio Department of Commerce - Financial Institutions
77 S High St, Columbus OH 43215
http://www.com.ohio.gov/fiin/
Phone Number: 614-728-8400
Fax Number: 614-728-0380
Web.dfi@com.ohio.gov

Type of Entity

Cooperative Association

Business Management
Mr. Todd Cain, CEO
Contact Information
Principal: Mr. Todd Cain, CEO
Related Businesses
Emery Financial Services, Inc
Business Category

Credit Unions Loans Mortgage Brokers


Customer Review Rating plus BBB Rating Summary

Emery Federal Credit Union has received 0 out of 5 stars based on 0 Customer Reviews and a BBB Rating of A+.

BBB Customer Review Rating plus BBB Rating Overview

Additional Locations

  • THIS LOCATION IS NOT BBB ACCREDITED

    5070 Glencrossing Way

    Cincinnati, OH 45238

  • THIS LOCATION IS NOT BBB ACCREDITED

    7350 Liberty One Dr

    Liberty Twp, OH 45044

  • THIS LOCATION IS NOT BBB ACCREDITED

    7500 Innovation Way

    Mason, OH 45040

  • THIS LOCATION IS NOT BBB ACCREDITED

    7890 E Kemper Rd
    Suite Fl 1

    Cincinnati, OH 45249 (800) 553-5513 (513) 530-9351

  • THIS LOCATION IS NOT BBB ACCREDITED

    PO Box 498967

    Cincinnati, OH 45249

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BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.

Complaint Detail(s)

1/6/2016 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: business has failed to provide replacement debit card prior to expiration. I can no longer go to an ATM to get funds or make an online purchase. I can only go to the business and withdraw cash.

Desired Settlement: deliver all replacement cards prior to expiration. this is a bad time of year for a business to be weak at providing financial services.

Business Response:

Mr. ******,

 

It appears you have received your Emery debit card.  It was not our intention for your debit card to be misspent.  Unfortunately our processor had an error and the cards expiring 11-30 were ordered late. 

All cards were ordered and set out right away once the issue came to our attention. 

 

If you have any questions please let me know. 

 

Thank you, ******

Consumer Response: [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.  If you and the business have reached an agreement and compliance is set for a future date, we trust the business will comply.  Please contact us after that time if the matter is not resolved as agreed and we will review the complaint and proceed accordingly.]

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. However the resolution was late and caused an inconvenience.

Regards,

**** ******

7/21/2014 Advertising/Sales Issues
2/27/2014 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: GFE and HUD Settlement Statement. The GFE was never issued to me. There were changes made on it and I was never updated. The HUD Settlement Statement has tolerance violations on it and my signature was copy/paste in order to fulfill the transaction. FL is a wet state and my signature is suppose to be an original signature. They made changes and decided to leave me out of the process. I never found out about the changes and my copy/paste signature until July when my first payment was due. The principle reduction amount and cash back to borrower was never dealt with in a proper manner. I believe that I have an egregious loan. The loan was audited by the VA and there is a deficiency in their file. Also, when we started this loan process they called us on the phone wanting to do a refinance. We wanted to do a cash out refinance and they told us that they couldn't do it, because it required a appraisal on the property. The only thing that they were interested in, is taking advantage of veterans. I am a disabled veteran, unemployable and this loan process has been nothing but a simple refinance. Please investigate my complaint and put this cu out of business.

Desired Settlement: The HUD Settlment statement was never given to me the day prior to signing it. They need to accept the RESPA protocol and issue a proper HUD Settlement statement. They need to correct the tolerance violations and compensate me for them in a manner that is acceptable to both of us. This is my home and I have worked hard to find it and keep it. Their behavior is beyong bad. They should be forced to close their doors.

Business Response:

GFE was delivered to borrowers via a Notary obtained by the title company, borrower also signed an Acknowledgement of Receipt of GFE at the same time documents were presented by the Notary.  Changes were not made to the GFE as the rate remained constant and the 3rd party fees fell well within the RESPA 10% tolerance rule.

The HUD Settlement Statement is derived from the lender (CMG) closing instructions and is prepared by the Closing Agent (******* *****) with final approval from the lender (CMG) prior to signing loan documents.  Emery Federal does not prepare  the HUD Settlement Statement nor do we act as a Closing Agent.  The bulk of this complaint centers around the Lender (CMG)  final  Instructions and the Closing Agent ******** *****) preparation of the final HUD.

Borrower requested and received a V.A.  streamline refinance with no appraisal required which does not allow for cash out per lender guidelines.  Borrower had an adjustable loan and Emery converted them to a fixed rate loan and we delivered the rate and terms which Mr.  ****** was quoted.

As to the V.A. deficiency in this complaint, upon research of the case number we found that the Lender (CMG) , not Emery Federal, had failed to provide the V.A. with form 26-1820 certificate of loan disbursement.  The V.A. portal shows this was cleared once the Lender (CMG) provided the document.

Business Response:

GFE was delivered to borrowers via a Notary obtained by the title company, borrower also signed an Acknowledgement of Receipt of GFE at the same time documents were presented by the Notary.  Changes were not made to the GFE as the rate remained constant and the 3rd party fees fell well within the RESPA 10% tolerance rule.

The HUD Settlement Statement is derived from the lender (CMG) closing instructions and is prepared by the Closing Agent (******* *****) with final approval from the lender (CMG) prior to signing loan documents.  Emery Federal does not prepare  the HUD Settlement Statement nor do we act as a Closing Agent.  The bulk of this complaint centers around the Lender (CMG)  final  Instructions and the Closing Agent (******* *****) preparation of the final HUD.

Borrower requested and received a V.A.  streamline refinance with no appraisal required which does not allow for cash out per lender guidelines.  Borrower had an adjustable loan and Emery converted them to a fixed rate loan and we delivered the rate and terms which Mr.  ****** was quoted.

As to the V.A. deficiency in this complaint, upon research of the case number we found that the Lender (CMG) , not Emery Federal, had failed to provide the V.A. with form 26-1820 certificate of loan disbursement.  The V.A. portal shows this was cleared once the Lender (CMG) provided the document.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.



Regards,

*** ******


EFCU allowed this transaction to be conducted in a manner that doesn't fit RESPA protocol.  GFE was never delivered per the notary that EFCU put in place. There was no follow up from EFCU making sure that the GFE was received. All of this transaction was done from our home with no assistance from EFCU.  The GFE loan lock interest rate became void before the funding of the loan was in place, causing a change to the HUD Settlement Statement.  The original HUD with *** ******'s signature on it was robo signed when the loan lock fell off and EFCU and CMG had to make the necessary changes to keep the loan going.  The funding date change, which changed the title company's fees and changed the principle reduction and cash back to borrower.  EFCU came up with the cash back because they were not going to honor the cash back to borrower, once they found out that the loan funding date changed.  The borrower forced the issue, so they complied to make the loan.  Florida requires the original signature of the borrower.  These entities took it upon themselves to do whatever they had to, to make the loan rather it was in compliance or not.  There was also a tolerance violation on the changes to HUD.  They saw to it that line #1101 was changed and put in the 3 row on the 3 page of the HUD.  The HUD Settlement statement was changed 3X.  The signature page, which was the 4th page consisted only of ***'s signature and ******'s title closing agents signture.  There was a date behind the agents signature.  We have two copies of the signature page.  The original page was stamped behind ***'s signature, "I certify this to be a true and correct copy of the original instrument." ******'s Title Company.  The HUD that was submitted to the VA is stamped on the first page with this statement.  This is missing on the signature page and the signatures are different, for *** and the closing agent.  The signature behind the certifying information is the same though, but can't be validated because of the sloppy penmanship.  EFCU only had one interest and that was the make as many loans as they could. They didn't care about proper protocol.  They put together the entities of the notory, the title company, and CMG.  We didn't even get the RESPA book informing us of the procedure.  RESPA requires the borrower to receive this 3 days into the transaction.  When they make changes to the GFE from 210,700 to 210,017 they never notified us of the changes, per RESPA GFE process.  EFCU didn't give us the HUD Settlement Statement prior to the signing of the loan, per RESPA.  

 
They did what they wanted and excluded the borrower from the process.  Yes, the loan went through, but today it is an egregious loan, due to the fact that they never got an original signature from the borrrower.  They robo signed the documents and this constitues FRAUD!  **** has opened up on investigation on EFCU.  Not only on our case, but other situations that EFCU conducted themselves in an unproper manner.  Also, EFCU continues to call us on the phone wanting us to refinance our home loan.  We have told them repeatedly that we already refinanced with them, sorry to say and they continue to harass us.  We have gone as far as asking for ****** ******, **** ***** because we ask if they are on ****'s team.  When we have reached ******, and we inform her as to what's going on, she states that her attorney says that she can't talk to us.  If that is the case, why do they continue to harass us?  Looking forward to your prompt response to this complaint.  I'm not suprised that they are trying to lie their way out of this.  
 
Sincerely, 
 
*** and ***** ******

2/6/2014 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: I do not have an account or do business with Emery FCU. I have registered my phone numbers on the National Do Not Call Registry and the Colorado Do Not Call Registry. I continue to receive calls from all over the USA that are identified on my caller ID as Emery FCU. When I answer, the caller identifies themselves as a Mortgage loan officer with Emery FCU. I have been receiving these calls for almost two years. Each caller tells me the individual branches are responsible for removing my phone number from their call list. THAT IS UNSATISFACTORY. Emery FCU Headquarters needs to get communications to all their branches and Shared Credit Unions to CEASE AND DESIST.

Desired Settlement: CEASE AND DESIST. Stop calling me immediately. If calls continue, I will take my complaint to the ******** Attorney General.

Business Response:

As requested, we have added the consumer information  to our internal ‘Do not call’ list.  Additionally we sent a memo to all Production office Managers to cease and desist from contacting Mr. ****** now or in the future.   We at Emery strive to meet the needs of all consumers and rest assured we have handled this expeditiously  upon receipt of this notification.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me. 

Regards,

******** ******




12/4/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: On April 19, I faxed to Emery my signed residential loan documents for 2 properties that I would be refinancing through Emery. Our primary residence is in Washington with a 30 year conventional, and we own a rental property in New Hampshire that is a VA loan. An Emery employee, ***** ******, contacted me via telephone after I had already signed preliminary loan documents with ******** Home Loans to refinance only our primary Washington property. He was actually calling about the New Hampshire property which we were not refinancing. He suggested we do an IRRRL on the New Hampshire property so as to drop the interest rate by half of a percentage point. Mr. ****** suggested we do both properties at the same time so as only to have one closing, as well as streamlining the process by only using one financial institution. Moving forward, the first week of June, Mr. ****** calls and says we cannot get that interest rate because it is not available on an investment property. The best that he can offer is the interest rate we already have. This situation, in and of itself, should not have transpired. The fact that this was an investment property was evident from the initial phone call and loan docs, and Mr. ****** and/or Emery solicited business under false pretenses. It was due to his solicitation that we decided to refinance the New Hampshire property at all, and it only made sense to award Emery the business of refinancing our primary Washington property as well. Aside from this, at the beginning of June we were 7 weeks into the loan process and we had already completed an appraisal at our primary property at an out-of-pocket cost to us of $500. I believe Mr. ****** deliberately waited as long as possible, and after the appraisal was completed, to deceive us. We are now days away from the rate lock limit, we have not closed on this loan, and nothing Mr. ****** has said has proven true. The transaction has been deceitful, and we have unnecessarily paid for an appraisal that we did not need.

Desired Settlement: If we are not able to close on the loan under the original conditions, we believe that Emery should reimburse us for the cost of the appraisal. We moved forward with Emery under false pretenses that Mr. ****** solicited.

Business Response:

**** ****** applied to refinance her primary residence with Emery, at the end of April.  Loan officer ***** ****** suggested that as she also had a second investment property,  she should try to refinance both properties at the same time, as  all her information would be available and current.  At the beginning of May the LO found that her attempting an VA IRRRL, on the investment property provided  no benefit to Ms. ******.  The investment property had nothing to do with the primary residence except coincidentally, also being owned by this Borrower  As any good loan officer he examined the possibility of refinancing both properties, and reported the possibilities to the Borrower.

Upon establishing that refinancing the investment property was not an option, the LO  stopped working on an investment loan and made the borrower aware .  The investment property option, study, lasted about a week before the LO realized it couldn’t work. That review had nothing to do with any  problems that later occurred with the loan on her Primary Residence.

Ms. ******’s conventional loan was locked in at 2.75% rate.  Borrower had stated the  home would appraise for $190,000, but  the Appraisal came in $10,000 short, which in turn, caused her loan amount to be limited , “not to exceed $144,000.  As a result, Mrs. ****** would have to  bring $2,600 to the closing table, for title and escrow fees.  She became upset when ***** ****** called her and explained why she had to bring the money to closing.  Mrs. ****** stated she did not have the required funds available.  Her loan, at the approved amount, was locked and ready to close.  Lack of funding from the borrower was the sole reason this loan did not close.

At that  point the lock on the rate expired, and there was no closing as there  was no resolution of the lack of funds issue, available to the LO or to Ms. ******, short of her finding the additional closing funds requiredAs far as appraisal fees are concerned, the Appraisal was ordered on the primary residence and would have been the basis for the Loan which we had made available, but which she was not able to close because of the lack of fundsWe are always sorry when we cannot accommodate the wishes of a Member of the Credit Union, but , as a Broker, we are limited to the facts reported and the conditions imposed by the Lender. Attached are the salient entries from the Electronic Conversation Log regarding this matter.

 

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

Emery continues to be untruthful. It was only through Emery's response to the BBB that I found out we no longer have a loan in progress. Is that legal? The last correspondence I have from ***** is dated June 26, when he was going to check with our current lender to move escrow funds to our new lender to help offset closing costs. He was going to let me know "tomorrow," but tomorrow never came. So again, we paid for an appraisal and the loan failed to close because of Emery's business practices, not because we lacked the funds.

Regards,

**** ******

 

 

Business Response:

 

.  The claim of lack of communication is not correct, and refuted by the Conversation Log (previously provided) electronically tracking each communication. The LO,  ***** ****** kept in touch with these clients  at all times.  The clients never once complained about this file or transaction until the requirement for  the cash to close, arose. Again it is not Emery’s fault their appraisal came in short of the valuation they stated,  and which appraised lower value was the reason they needed to bring more money to closing then they were able to afford. ***** clearly told them the deal was dead if they couldn’t bring the cash, because obviously Emery is neither legally allowed, nor was going to provide the cash for them.

 

Emery had the Loan Cleared to Close, CTC at 2.875%. We are in the business of closing loans so why wouldn’t it have closed it if they had available funds to provide for a closing?

 

We are indeed sorry that they are unhappy with the outcome, but clearly, there was, and is, no advantage to Emery to expend the time , money, and effort on a loan Origination that does not close.

 

 

****** ** *******
VP Branch Operations
Phone - ###-###-####

Direct - ###-###-####

Business Response:

Once informed that “.. we don’t have the money to close…” it is not the Loan Officers duty to badger the client about a closing date as the lack of funds pretty much precludes further conversation. There is no possible reason that would support the failure of Emery to close a loan, as Emery, nor its Loan Officer, makes any money until the loan does close---in fact Emery loses money in time, salary and overhead.  As to the Appraisal issue, we have already pointed out that this Borrower is confusing the requirements for two different loans with different guidelines.

It seems that  there nothing more that we can offer in explanations that would satisfy this Borrower. The Loan Officer and Team has been terminated and we are left with the file documents and contemporaneous electronic record of communication, as a means of addressing any claims, the answers to which were provided in  previous Responses. Emery, as a Federally Regulated  Institution, has closed tens of thousands of loans without any provable claim of deceptive practices, and does not believe there is anything here to state otherwise. We do understand that this Borrower believes that she was not able to close the loan on the terms she wished, but we have not discovered any evidentiary basis for a claim against this Loan Officer or team, that would change the circumstances.

 

It may easy to communicate directly with our corporate team at ###-###-#### and ask for ****.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.


October 8, 2013

Emery Federal Credit Union continues to outright lie, falsify information and fabricate stories without providing any supporting documentation. Emery cannot provide anything that supports their story, because everything they have said has been untruthful. At no point did I ever say that we would not bring the money to close on this loan. We were not given any opportunity to close this loan. Mr. ****** never followed through. He never responded. He simply ignored this loan we had in progress. How much clearer can I be? Emery should have the ability to verify everything I am saying as they have mentioned several times that they have an electronic conversation log. Look it up.  

Despite Emery’s use of a bait-and-switch tactic, we would have closed on the loan because it still would have been in our best long-term financial interest to do so. We had  already paid $500 for the appraisal, and refinancing would have saved us tens of thousands of dollars. As I have already stated multiple times, in an email dated June 26, Mr. ****** says he had contacted our then-current lender about transferring escrow funds to this Emery loan. He was to let me know “tomorrow.” When June 27 came and went, and after 3 months of inconsistencies, stall tactics, and blatant lies, I filed a complaint with the Better Business Bureau. Not only did I file a complaint with the BBB, I sent 10 letters to Emery- one to each of Emery’s Supervisory Committee members, Emery’s Board of Directors and Emery’s CEO. Because rate-locks are of a time-sensitive matter,  one would think that a federally chartered credit union would respond in a timely manner. Our hope was that someone at Emery would track down this loan officer and help get this refinance closed. I did not receive a single response from anyone at Emery. Emery only responded once consumer protection agencies became involved. In fact, Emery’s response to my initial complaint with the BBB was how we were informed our rate-lock had expired and we no longer had a loan in process. If this were not so financially devastating, ****’s suggestion that “it may be easy to communicate directly” with their corporate team would be laughable. 

In Emery’s October 4 response, I find it interesting that in the second paragraph the employee states the “loan officer and team has been terminated.”  At the end of that same paragraph, the employee continues, “We have not discovered any evidentiary basis for a claim against this loan officer or team.” Which one is it? Thank you for providing a perfect example of how Emery Credit Union operates. Beyond an incompetent loan officer, I have no idea why Emery did not choose to close this loan if that is how they make money. For all the time, money and resources it has cost Emery responding to my complaint, I can guarantee this process has cost us tens of thousands of dollars more in interest charges that we could have saved had this loan officer and team scheduled a closing date and time.

Furthermore, I resent the implication that “this borrower” is confused about anything. I will not allow Emery to spin this so that anyone other than Emery is at fault. On August 22, the BBB offered us an opportunity to arbitrate with an independent third-party arbitrator and the business. We gladly accepted this offer in hopes of reaching a resolution. On September 22, the BBB still had not received a response from Emery regarding this proposal. On October 4, I received an email from the BBB indicating Emery had offered another rebuttal, but nothing indicating their willingness to work with an arbitrator. If Emery is convinced that “this borrower” is confused, I urge them to take advantage of these arbitration services. We are willing, ready and waiting for Emery to engage in arbitrations. The only result that would be remotely acceptable is for Emery to reimburse us for the cost of the appraisal.

 

Respectfully,

**** ******




11/21/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: ****** ********** **** *** ***** ******* ** ****** ** ****** * ************* * ************* *****************To Whom It May Concern;I am writing to you in order to formally complain and seek your help and assistance in resolving a problem with a mortgage loan application that I believe was mishandled and fell through the cracks. I feel that the lack of responsibility, oversight and accountability by the parties involved in the process have cost me the opportunity to get a lower mortgage rate and thereby injured me. I do not pretend to understand the mortgage loan industry and if or how it is regulated. In my case however it appears to be a disjointed and rather convoluted process, like of making sausage. It's a big mess and something that you would not want to witness. I originally applied for the loan February 28th 2013 and received an email from my contact/agent ****** ****** with (Home Financing Direct) ************* on March 18th confirming the rate lock at 3.375% for 30 days and his committment to absorb the fees for any rate lock extention required as a result of any delays caused by him or the lender. I have written documentation in the form of email communications confirming this.I have had no satisfaction in my attempts to understand and resolve an issue surrounding a mortgage loan refinance application. This process I've subsequently discovered: involved a mortgage lender that advertised on radio, KFWB NEWS TALK 980, hfiDirect.com amd their agent ****** ******, and the additional firms of Emery Federal Credit Union and ******* Loans. After speaking to ****** ****** I was referred to **** ****** his manager. at Emery Federal Credit Union and while speaking to him he began raising his voice and became hostile and asked me why I wanted to get ****** fired? After this, I asked to speak with his superior, Emery Federal Credit Union operations manager **** *****. Again, upon speaking with her I found out that she was unwilling and unable to do anything other than have me apply for a new loan at current rates. Furthermore she accused my of failing requested and needed information during the underwriting process, I advised her that this was simply not the case. As I had provided any and all information requested within two business days. Getting nowhere with ****, I asked to speak to the President of the company, and was subsequently referred to one of their directors, *** ******. Mr. ****** readily advised that he was unwilling and unable to do anything to correct the problem and he could not help me and again nobody was willing to assume any responsibility. I advised him that I wanted to speak directly with the President of Emery Federal Credit Union, and it was at this point Mr. ****** hung up on me. I immediately called him back and the call went to voicemail. I sent an email to him. He called me back next day and again I asked to speak to the President of Emery. He emailed me contact information for a vice president. This person, Mr **** **** appears to be a VP of their mortgage division. Despite several emails to Mr. **** I have not received a reply. I have taken the liberty of including documentation of the problem and written communication from the mortgage agent, ****** ****** , as well as others involved in this matter. When I applies for this loan in April, I had just funded another loan with same loan originating firm. I applied for another loan through them because they had all of my current information on hand. However the process for this loan dragged out far longer than imaginable. In the first month or two of the underwriting process I was asked to provide additional information and updated documents. Whenever these requests came I provided any and all of the information requested within two business days. It was in June that I received information in the form of a letter from ******* Loans dated June 29th, telling me that my loan application had been cancelled as incomplete application document. This was a real surprise to me as I had no idea who ******* Loan was and that they were even involved in my loan application. The bottom line is: My loan application was to have a rate lock guarantee, in addition to the rate lock guarantee, ****** advised that he will pay any associated cost or fees to extend the rate lock guarantee due to any delay in the approval and funding of my loan application. I have this confirmation in the form of an email from ****** ******. When I applied for the loan the rate was low, therefore I locked the low rate in, ****** per his email was to lock the rate and if necessary pay any additional fees or costs required to further extend the rate lock guarantee. This was not done, the loan took an inordinate amount of time to be underwritten or approved, and it was sat on or fell through the cracks. Whatever happened, I was shocked when I received notification by another party to this matter, ******* Loan dated June 29th, that my loan application was terminated. I had no idea who ******* Loan was and how they became involved in my loan application. Somewhere along the way, I believe that my loan fell through the cracks, interest rates went up and as such I have been damaged by this ineptness and nobody has been willing to accept responsibility for this mess. I am asking that the loan be approved and funded as applied for. I am writing to you today to ask for your help in getting to the bottom of this matter and helping me in finding out what went wrong with this process and who is responsible when there are so many different players involved and not by my choosing and nobody willing to take responsibility and make it right. Any assistance that you can provide me would be most greatly appreciated. I intend to pursue this matter legally in necessary and I want to know what my rights are and if this industry has any regulation and accountability to anyone.Thank you for you time and attention to this matter. Please call me at your earl

Desired Settlement: Underwrite the loan as originally applied, including if necessary paying any points to buy the interest rate down to that of the original loan application

Business Response:

In the 1st instance, a Loan is not locked—a rate is locked, subject to satisfactorily completing an Application procedure which relies on the cooperation of the Applicant to provide necessary documentation . If the file is completed the rate can be formally honored, in writing (usually for 30 days) by the lender (in this case, *******). Emery is the Broker in the transaction and is tasked with obtaining the documentation required by the Lender, from the Applicant. Emery does not set rates and has no ability to force a Lender to offer or close a loan at a rate tied to the timely submission of loan application documentation, if the file is not complete BEFORE the Rate Lock is confirmed or expires.

In this instance, and as recorded in the Electronic Conversation Log, the rate originally quoted was not locked as the Applicant had not completed the necessary paperwork. As rates moved upwards, this Applicant refused to lock in a market rate and complete her file. The Loan Officer had no alternative, but to cancel the submission with ******* due to the lack of cooperation from the Applicant.

If requested, there is a complete Conversation Log and e-mail history available, which supports this Reply.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.


Regards,



please note that their Agent ****** ****** sent an email to me regarding the rate lock as well az stating he would absorb.any fees for extending the rate lock due to delays in underwriting and funding. I want the 3.375 % rate loan as applied for. That or litigation.


Consumer Response: The standard lock is 30 days. I will absorb the lock extension fee for any delays caused by myself or the lender.

On Mar 18, 2013 7:00 PM, "

Can you close the loan within two weeks,why if the rate guarantee obly 30 days? If the loan does not close within 30 days and the interest rate goes up then what? What happens if the interest rates go down?

Please advise.  



*******

The interest rate will be locked at 3.375% for 30 days.

The loan amount will be $300,000 and the payoff of $317,485 was the figure obtained when I previously pulled your credit. The payoff amount will be adjusted prior to ordering loan documents.

On Mon, Mar 18, 2013 at 5:52 PM, Nahied Nowrouzian 

******,

Okay it looks good. What is the interest rate guarantee/lock?

I just want to make certain that I am borrowing $300,000.00 (three hundred thousand dollars and zero cents) with no out of pocket fees and closing costs of any kind, and I will pay off the balance from cash on hand. I am assuming that the figure of $317,485 was a payoff balance that you got from the bank at some point. However, I am certain that it will be less than that. Please confirm this.

Kind Regards,

****** **********


*******

Please find attached, the updated page 4 of the uniform residential loan application. Also please note, that the appraisal fee will be waived.

On Mon, Mar 18, 2013 at 4:36 PM, Nahied Nowrouzian <nahiedi@yahoo.com> wrote:

Hi ******,

Thank you for your e-mail.

Page 5 B and 6 #3 The charges for all other settlement costs has been left blank. Please list this as $0! send send  it back to me. Please let me know there is no appraisal fee.

Please send it to me now so I can print it before I go home.

Kind Regards,

****** **********

--- On Mon, 3/18/13, 



Hi *******

Per our telephone conversation, please find attached updated initial disclosures. Please sign, date and email back to me at your earliest convenience.

Thank you!

Sincerely,

****** ****** ***** ******** ****** ***** *** ******* ** *****


Business Response:

In the 1st instance, a Loan is not locked—a rate is locked, subject to satisfactorily completing an Application procedure which relies on the cooperation of the Applicant to provide necessary documentation . If the file is completed the rate can be formally honored, in writing (usually for 30 days) by the lender (in this case, *******). Emery is the Broker in the transaction and is tasked with obtaining the documentation required by the Lender, from the Applicant. Emery does not set rates and has no ability to force a Lender to offer or close a loan at a rate tied to the timely submission of loan application documentation, if the file is not complete BEFORE the Rate Lock is confirmed or expires.

In this instance, and as recorded in the Electronic Conversation Log, the rate originally quoted was not locked as the Applicant had not completed the necessary paperwork. As rates moved upwards, this Applicant refused to lock in a market rate and complete her file. The Loan Officer had no alternative, but to cancel the submission with ******* due to the lack of cooperation from the Applicant.

If requested, there is a complete Conversation Log and e-mail history available, which supports this Reply.

Consumer Response:

 

To Whom It May Concern,

 

Please send me whatever specific documentation they claim to have advising that the rates have changed. My contention is that their agent ****** ****** who represented Emery Federal Credit Union, ******* Loans, some other entity, or all of the above stated in writing what the rate lock was, terms of the rate lock, and furthermore offered to pay any additional fees or costs to extend the rate lock. They are claiming there was no rate lock because the loan application was incomplete, however this is inconsistent with the completed loan applications as well as the emails concerning the rate lock from their agent ****** ******. These were included in my last correspondence and reply. However, I am willing to submit this supporting documentation to you once again. Please see below.

 

Furthermore, if I cannot get this loan approved and funded as originally applied for, then I will have to choice other than to initiate legal action against all of the parties involved and let the courts determine who is ultimately at fault and liable. Please do not hesitate to contact me should you have further questions or require additional documentation.

 

Kind Regards,

 

****** ********** 

 
 
 
Good Morning ******,
 
Enclosed please find the file that your requested from me. Please let me know what else you need from me to expertize this procedure.
 
Please call me if you have any questions.
 
Kind Regards,
 
 
****** ********** ***** ********

-

The standard lock is 30 days. I will absorb the lock extension fee for any delays caused by myself or the lender.

On Mar 18, 2013 7:00 PM, ******* *********** ******************* ******
Can you close the loan within two weeks,why if the rate guarantee obly 30 days? If the loan does not close within 30 days and the interest rate goes up then what? What happens if the interest rates go down?
 
Please advise.  

--- On Mon, 3/18/13, *



*******
 
The interest rate will be locked at 3.375% for 30 days.
 
The loan amount will be $300,000 and the payoff of $317,485 was the figure obtained when I previously pulled your credit. The payoff amount will be adjusted prior to ordering loan documents.
On Mon, Mar 18, 2013 at 5:52 PM,
*******
 
 
Okay it looks good. What is the interest rate guarantee/lock?
 
I just want to make certain that I am borrowing $300,000.00 (three hundred thousand dollars and zero cents) with no out of pocket fees and closing costs of any kind, and I will pay off the balance from cash on hand. I am assuming that the figure of $317,485 was a payoff balance that you got from the bank at some point. However, I am certain that it will be less than that. Please confirm this.
 
Kind Regards,
 
****** **********
  
--- On Mon, 3/18/13, ****** ****** <


Please find attached, the updated page 4 of the uniform residential loan application. Also please note, that the appraisal fee will be waived.
On Mon, Mar 18, 2013 at 4:36 PM, 
Hi ******,
 
Thank you for your e-mail.
 
Page 5 B and 6 #3 The charges for all other settlement costs has been left blank. Please list this as $0! send send  it back to me. Please let me know there is no appraisal fee.
 
Please send it to me now so I can print it before I go home.
 
Kind Regards,
 
****** **********


--- On Mon, 3/18/13, ****** ****** 

Hi *******
 
Per our telephone conversation, please find attached updated initial disclosures. Please sign, date and email back to me at your earliest convenience.
 
Thank you!
 
Sincerely,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.



Regards,

****** **********




Business Response:

Emery, as a broker, gathers current pricing from our lending partners that are not allowed for distribution to the general public.  That being said,  the news industry and internet have a plethora of articles and publications on the recent  rise of interest rates we have seen the past few months.  As stated in a previous response, the loan was never actually locked as the file was incomplete so the Lender could not have proceeded to quote or close.  While the email string mentions “ we will lock for 30 days” there is no supportive documentation  that confirms the lock was actually done.  Further, there is no evidence of a Lock Confirmation.   Without a complete file in Lender Underwriting, the loan could not be formally locked as hoped for, and there is more than enough entries in the conversation log to support the facts as stated and the time it took to gather a complete loan file.

10/24/2013 Billing/Collection Issues | Read Complaint Details
X

Additional Notes

Complaint: I recently, in good faith, applied for a mortgage with the Emery Federal Credit Union (based in Cincinnati, OH, but my home is in ****** ***** **). I dealt with a loan officer in the ********** office named ***** ********. After several phone conversations and going through their initial pre-approval stage of the mortgage application, ***** sent me the mortgage application for their underwriter ******** Mortgage) which included an appraisal request form. I submitted everything on August 8, 2013. According to *****, there was no communication on 8/9 from the underwriter and the weekend (8/10 and 8/11) had no activity either. ****** Links appraisal company was sent out on 8/12 at 10am, performed the appraisal, and the report was canceled at 12:15pm (according to ****** Links). According to *****, the underwriter did not see the same income that he saw on our initial application and denied us the loan (we ended up going with a much better mortgage option in the end anyway). Because the appraisal had already been done, I was charged $235 of the $450 appraisal, however, the report had not been written because of the cancelation and so I have nothing to show for my $235 fee. I gave all information to ***** ******** in good faith and trusted that he knew how to do his job well enough that he could pre-approve us without much worry. Since the appraisal was ordered before the underwriter was involved, because ***** ******** made an error in judgement in our documentation, and because I do not have any product from the appraisal, I hold Emery Credit Union responsible for my losses.

Desired Settlement: $235 refund from Emery Credit Union. Their credit card authorization clearly states that the payment was for the appraisal and I never received it due to their error.

Business Response: We have investigated this complaint and have authorized a refund as requested. It appears that the Borrower had shown part-time income which, under the rules, could not be included in evaluating her Debt to Income ratio, and coupled with  a review of her IRS  reported 2106 expenses, caused this application to fall outside DTI parameters. We believe this Loan officer may have been too enthusiastic, initially, and should have better analyzed the data before submission to underwriting and ordering the Appraisal.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me. 

Regards,

******* ************




10/14/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I was told I would receive an interest rate of 4.39% on my home refinance. I told the loan officer several times that the home was an investment home. I did not live in the house. I asked him several times if the rate he quoted was correct even though it was not my primary residence. He assured me it was correct. 1 week before closing, the loan officer emailed me and said he made a mistake and did not list it as an investment home and that if I wanted to close next week I would have to pay 4.99% or we could tear up the paper work. He said it was his mistake. This sounds like a bait and switch con. In the meantime, The interest rate has gone up every where.

Desired Settlement: I would like for Emery Federal Credit Union to stand behind the interest rate we have the paperwork for. 4.39%

Business Response:

The lead for this loan from Free Rate Update on August 9th and the Property Use Field was blank.  (See attached)  When the LO called, the Borrower represented that the home was a Primary Residence which matches his attached ******** Driver’s License.

When the Borrower contacted the LO back on August 13, he informed  the  LO that the Property was Investment Property and therefore the LO made sure all Pre-Disclosures reflected that status and emailed the documents  to the Borrower for signatures.

At no time did the LO communicate with the Borrower that the Interest Rate was guaranteed or Locked In.  (See attached GFE Provided to the Borrower showing that the Rate was Floating”).When asked, the Borrower could not provide any emails or documents showing where the LO represented that the Interest Rate was locked in. 

The LO informed Borrower that the Interest Rate is not locked, though 4.99% was still available, and  showing Subject Property as an Investment.  Borrower formed that he had been working with another Lender all along who he felt certain had him locked in as an Investment Property loan at a lower Interest Rate.  The LO  encouraged the Borrower to follow up with the other Lender he was working with and obtain a GFE and Itemized Fee Worksheet from them, send them to the LO and he would personally compare to see which offer was better for  the Borrower.

We have not heard back since this  conversation with him, although The LO called him and left him a voicemail this morning and sent him an email. Borrower’s Loan Application shows that he is a ****** *******, so he may not be able to return the call or email until he gets a break or after ****** today.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

There are several emails on this message.
***** ********* ******* ***** ***** *********************** *********************** *** **** *******************  ***** ******* ****** *** **** **** ** ******** *** ****

*****

You're welcome to call me. It's not a "bait and switch" at all! All the documents also say investment. I said I made a mistake on pricing it as an investment. That's why the pricing was so good and I'm willing to bet that's why the other company's pricing was so good. No question about that. I'd be happy to give you my manager's name and phone number because as soon as I saw the error this morning I made him aware of it and told him stop everything so I could alert. ****, I'm not a malicious or "under handed" guy at all. I have a family just like you and believe in treating people right. I made a mistake and as soon as I caught that mistake I contacted you. "Bait and switch" would be waiting until closing to tell you. Sorry you feel that way, but hopefully you can understand a mistake. Have a good day.Sent on the ******* *** ******* **** ** **************** **** ************************ **** ** *** **** ******** ******** ******* *************************************** **** *************************** *** ****
That is not a great way to do business, We talked about it being an investment home several times. I will have a hard time saying anything good about your company. This seems like a bait and switch. Please destroy all of the documents. I will be contacting the BBB.


***** ******* ******** *********************** *** ****** *******************  ***** ******* ****** *** **** ***** ** ******** *** ****

****- Good morning. The loan is in underwriting and just caught a huge mistake on my part. I priced this loan as a primary residence when in fact it’s an investment property. That changes the pricing pretty significantly to 4.99%. Since this is my mistake, I can terminate the loan immediately and shred all documents or finish the process closing next Friday. I apologize for this major oversight on pricing. ******* ** ********* ***
***** ******
Loan Officer
Subject: Re* **** *******,I haven't heard from you so I thought I would check in. What can I expect next?

 **** ***** *********************** *********************** *** **** *******************  ***** ******* ****** *** **** **** ** ******** Re: Loan I should have an update for you Monday. I'll touch base with you then. Have a good weekend.*************************************** **** **************************:
 Re: Loan Yes, I collect rent on my property. $1200 a month. I have been in this house for 2 years. My wife pays the mortgage on the ***** Drive house. From: ******* ******** ***********************
*** ******************* *******************  ***** ******** ****** *** **** ***** ** ******** Loan ****- Good morning. I forgot to ask a few questions. Do you collect rent on your property? And if so, how much? Also, how long have you lived in your new residence with your wife? Lastly, does your wife pay her mortgage by herself?   ******* ** ********* ***
* ** *** ****** *** *** **** ****** **** *** ***** ****** ***** ********* ******* ***** ***** **** *******************
*** ******* ******** *********************** 
Sent: Friday, August 9, 2013 10:25 AM
Subject: Re: FreeRate - HARP Loan Request

Yes

From* ******* ******** *********************** *** **** ******************* 
Sent: Friday, August 9, 2013 10:22 AM
Subject: RE: FreeRate - HARP Loan Request

Ok, I'll call you at 11:00. Best number is ************?   ******* ** ********* ***

Sent: Friday, August 09, 2013 10:22 AM
To: ******* ********
Subject: Re: FreeRate - HARP Loan Request

Anytime

***** *********************** *********************** *** ***************** 
Sent: Friday, August 9, 2013 10:02 AM
Subject: FreeRate - HARP Loan Request

Good evening. I wanted to follow up on your HARP mortgage request. My current 30yr fixed is 4.125% with only $477 in lenders' fees and I can close your loan in less than 17 days. My company's credentials are as follows:

***** ******* ****** ***** ****** ******** ****** ** ***** ******************* ******** ****** ***** ***** ** *********** ** ******** ** ** ******** ** *** ** ******


What would be the best time to discuss?

Regards,

**** ******




Business Response:

As a Broker, and not a Lender, Emery can only offer the Loans that fall within the Lender’s guidelines. Once ascertaining that the loan had to be treated as an investment property, rather than as his residence, The LO attempted to explain what was available, not as a “switch” but what could be offered in the circumstances. We realize that this Borrower has asked that we destroy his documents, a request that we can honor, but in the meantime, the LO has attempted to contact Mr. ******, to no avail. The LO would like the chance to help resolve his concerns, if possible, especially as the Loan Rates have dropped, somewhat, in the market . Please contact **** at ###-###-#### and she can help you further.

10/14/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: In December of 2012 I went online to find a FHA streamline refinance on my mortgage. I was contacted by Emery Federal Credit Union, who offered to help me with the refinance. *** ****** was put in charge of my account and he had me send him multiple papers about my current mortgage. He had me send him my current mortgage note, two months bank statements, tax returns for the past 2 years, social security cards, years worked at my job, and years of education. In February of 2013 he sent me an e-mail telling me that he had all the paperwork needed and he was processing them but the were behind schedule so it was taking a long time. In March of 2013 after multiple times trying to contact them I was contacted by **** ***** who told me *** ****** no longer worked for them and he had assigned ****** ****** to my account who contacted me and asked for more paperwork. Then a few weeks later I was contacted by ****** **** who said he was now on my account and he needed all the paperwork again. I sent all the paperwork again. He then sent a notary to my house to sign lots of paperwork and get more paperwork. He then contacted me and said everything looked good and my rate was locked in at 3.5%. He said they were backed up and it would take a couple of months to process. In May 2013 after multiple times trying to contact them I was told they needed more paperwork, which I sent. He then said everything was good and we were in the conditional stage of the program. After 2 weeks I contacted him and asked if we were for sure approved and he wrote back not to worry we were approved. In June 2013 he said he was still waiting. In July/August 2013 he wrote back and said they couldn't approve me because my house was a mobile home.

Desired Settlement: I think they should be held to the 3.5% rate they guaranteed me multiple times in writing. I asked multiple times if I should be worried it was taking so long and if I should try other lenders. I was told there was no problem and the program would go through. Now the interest rates have gone up and I can't refinance at the same good rate. I provided all the paperwork they asked for and they should have known everything about my house from my original mortgage note and the notary.

Business Response:

While we never like to have an unhappy Member, unfortunately in this instance, the Loan Officer was not properly informed by the Borrower of the circumstances surrounding a description of the property intended to be pledged as collateral for this loan. Working under the presumption that this was a single family standard unit, the LO submitted the loan to the lender for approval (and which was approved by ******* Mortgage, the Lender). While “clearing” the stipulation set by the Lender , the Applicant provided information, on the Homeowner Information Declaration, that the Unit was a manufactured home.

At that time it was determined that that the loan could be moved to another Lender (AFR) but the rate would be much higher than Applicant would accept.

Subsequently, ******* Mortgage began to accept FHA manufactured housing loans, but at a much higher rate, also. At current market rates there is no advantage to this Applicant. Again, we do understand Applicant’s frustration but, as the Broker, we submit the information we are given, and are subject to the parameters set by the Lender. In this case, the submission of a manufactured home was outside the guidelines for the type of property and for a loan at the rate requested or available.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

]

Regards,

******* *******



Just read my entire complaint and you will see my only problem was not just the fact that they wouldn't give me the loan.  My main problem was that I was promised that the loan was guaranteed to go through so I didn't need to worry about talking to any other lenders about a refinance.  Then after the interest rates have climbed they tell me they can't loan the money because of the type of house I own.  They say they didn't get all the information from me but I sent them everything they asked for multiple times.  Any competent loan officer would have asked about the house if they thought there would be a problem with the loan before guaranteeing the loan.  I think that other people should see this and understand that they are a terrible company and anyone else that is thinking about doing business with this company should think twice.  I will tell everyone I know who owns a house to steer clear.  If nothing else they owe me for my time, I spent hours getting paperwork and sitting down with the guy that came to my house and had me sign dozens of papers.  They say they didn't know about what type of house I had and yet they had my original loan papers that stated everything they needed to know and they sent someone to my house who was inside my house and could see that it was a manufactured home.   

Business Response:

I think the best way to communicate at this point is over a telephone call.  Please contact us at ###-###-#### and ask for ****.

Thank you.

10/14/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: We refinanced our mtg through Emery CU. The loan officer emailed disclosures to us to sign and return. In those disclosures there were several fees not listed that were later charged at closing. We were also told our loan amount would not increase yet it did. We have since filed a complaint with the National Credit Union Administration and they have found the CU in violation of respa laws. This has gone on since February and to make it go away the CU has said they would give us one of the fees back totalling ,1604.82 which is nowhere near the amount they owe us. During the investigation with the NCUA the CU never provided the signed initial disclosures we returned that show the major discrepancies. Per respa laws and per the good faith estimate issued to us the CU owes us 10,503.14 plus a violation fee of 10,000. The major changes that happened to our lending laws were meant to keep things like this from happening to consumers.

Desired Settlement: $10,503.14 = amount not disclosed on the original good faith estimate.$10,000.00 = respa violation fine (this could have been resolved immediately, I brought it to the compliance managers attention at Emery CU right away).

Consumer Response: No legal entity has been notified as of yet.

Business Response:

The sequence of events, as stated by the Complainant, is at odds with the documentation in our electronic file.

In the first instance, ***** **********, is a sophisticated Complainant (see attached) who was afforded professional courtesy but has no standing  in this Loan Application, as she was not a Borrower, but at all times acted as the Borrower’s contact person with Emery.

The Loan Officer first gave the Complainant/Borrower, Loan information by phone on 12/11/12.  Thereafter, an initial Loan Application package was sent (12/12/12) and noted that the Borrower wanted the “…lowest rate available with the least impact on the escrow balance.”  In fact, that is what was provided, and as noted in the Complaint: “it actually ended up … in our favor.” The rate was locked at the best rate available, which rate has not been quoted  lower since initially quoted, and has remained the same throughout this process.  A change of Circumstance was sent to the Applicant once it was determined that he did not qualify for a V.A. waiver therefore we have no GFE violation.

Borrower signed and returned the Application on 12/16/12.  After review and the completion of a the Application Package, a GFE was sent to the Borrower (12/19/12).  The GFE included the VA Funding Fee and otherwise met with the requested terms for the mortgage (see attached).

The ******* Mortgage (Lender) Disclosures, also noted the VA Funding Fee and contrary to the Complaint, *******, also sent a Change of Circumstance notice, and Revised GFE (see attached).

On closing, the Borrower received approximately $2400 refund from the current Escrow Account, indicating the net impact was $300 dollars.

Based on the Complainant’s employment history, it is obvious that at least one of the Complainants (not a Borrower) was certainly aware of the conditions leading to the  request and granting of the  lowest rate. Based on E-mails, she obviously also made the Borrowers aware, so there would not be any surprise to the Borrowers.   Further, upon reviewing telephone logs; the disclosures; and, the specific Loan terms as requested and closed, Emery believes this matter was handled in a professional manner and gave the Borrowers exactly what was requested. The Complainant ***** ********** has taken exception to this trail of documentation, however, ***** is not a party to the transaction nor impacted  by any decision made by the Borrowers.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

MESSAGE FROM BUSINESS:

The sequence of events, as stated by the Complainant, is at odds with the documentation in our electronic file.In the first instance, ***** **********, is a sophisticated Complainant (see attached) who was afforded professional courtesy but has no standing  in this Loan Application, as she was not a Borrower, but at all times acted as the Borrower’s contact person with Emery.

 I was in fact the contact person for my parents in this transaction and the reason for that is because the Loan Officer, ***** ****** contacted us at our home. I told him repeatedly over a couple of months time that we weren't able to do this transaction because our parents no longer lived in the property and it was a non owner VA loan. He continued to pursue a loan from us and assured me over and over that it could be done. I was still skeptical so I didn't want my parent's time wasted until we new for sure that it would work. If I don't have a standing with this loan then why did my husband and I sign over half of the final loan papers for the title company?


The Loan Officer first gave the Complainant/Borrower, Loan information by phone on 12/11/12. Thereafter, an initial Loan Application package was sent (12/12/12) and noted that the Borrower wanted the “…lowest rate available with the least impact on the escrow balance.”  In fact, that is what was provided, and as noted in the Complaint: “…it actually ended up … in our favor.” The rate was locked at the best rate available, which rate has not been quoted  lower since initially quoted, and has remained the same throughout this process.  A change of Circumstance was sent to the Applicant once it was determined that he did not qualify for a V.A. waiver therefore we have no GFE violation. (Your quote that, "it actually ended up in our favor" is misplaced and you know that! That was used in comparing apples to apples in box 2 of the original and the final good faith estimates. You did not accurately quote the rebate/yield spread premium offered with the interest rate of 3.375%) Tell me how you determined the VA Borrower did not qualify for the VA waiver. Per the initial request for a certificate of eligibility provided by you on 12/12/12, it states that the borrower is NOT disabled in box 8A. You knew all along or else that box would have been marked "yes" for disabled.
***** ****** sold us on the loan by promising-1. The loan amount will not increase from where it was currently at. 2. Two months of payments would be skipped. 3. The current escrow account would be refunded. The rate was not ever based on the escrow balance in our discussions and again, ***** was NEVER told that the VA Borrower was disabled.  The rate quoted to us by phone was 3.25% even though ***** knew the entire time this was a non-owner. On 12/12/12 when we saw the initial disclosures I questioned the rate being 3.375% but ***** said the rate was higher for non owner occupancy. I didn't believe him at the time but the rate was still good so we kept it as is.  Had we seen the correct rebate/yield spread premium (in box 2 of the gfe) and correct loan fees (in box 1 of the gfe) disclosed on the 12/12/12 good faith estimate, there would been time to make an informed decision as to if we wanted to move forward. Other than the good faith sent to us on 12/12/2012 , nothing else was sent to us from Emery Federal Credit Union until 2/1/2013, 6 days before our final loan papers. 


Borrower signed and returned the Application on 12/16/12.  After review and the completion of the Application Package, a GFE was sent to the Borrower (12/19/12).  The GFE included the VA Funding Fee and otherwise met with the requested terms for the mortgage (see attached).

  If that was truly the case, we would have received the 12/19/12 good faith estimate that you are talking about. Furthermore, You can't create a loan package with disclosures and then amend a good faith estimate without a reasonable change of circumstances, which you did not have. Your loan officer making a mistake does not qualify a change of circumstances. Nothing changed on our end to the file at any point that would cause you to make a change. ***** ****** completed a loan application 12/12/12 and sent it to be signed (which it was) not an application to be completed. If that were the case then please provide the signed copy of the good faith estimate from 12/19/12 (which we NEVER received). 


You The ******* Mortgage (Lender) Disclosures, also noted the VA Funding Fee and contrary to theComplaint, *******, also sent a Change of Circumstance notice, and Revised GFE (see attached).

The disclosures from ******* Mortgage do not matter. Those were sent ***uary 3, 2013 which was obviously more than 3 days from time of application and locking the rate. We did not even know that the loan was being brokered out to ******* Mortgage.

On closing, the Borrower received approximately $2400 refund from the current Escrow Account, indicating the net impact was $300 dollars.Based on the Complainant’s employment history, it is obvious that at least one of the Complainants (not a Borrower) was certainly aware of the conditions leading to the  request and granting of the  lowest rate. Based on E-mails, she obviously also made the Borrowers aware, so there would not be any surprise to the Borrowers.   Further, upon reviewing telephone logs; the disclosures; and, the specific Loan terms asrequested and closed, Emery believes this matter was handled in a professional manner and gave the Borrowers exactly what was requested. The Complainant ***** ********** has taken exception to this trail of documentation, however, ***** is not a party to the transaction nor impacted  by any decision made by the Borrowers. 


Refer back to where I stated the promises from ***** ******. The refund of the escrow account has no bearing on any charges for the loan from Emery Federal Credit Union. Again, in reference to being a party in the transaction, myself and my husband gave our social security numbers and information to ***** ******. We signed loan documents with the notary from the title company which included the deed and the final hud-1. The final hud-1 has 4 names on it, ***, *****, ****** and ******** **********. That makes me a party to this transaction! Show us the phone logs and all of your change of circustances. I am really curious to see all of the changes your company said that we made to the loan that actually did not happen.
The reason we signed the HUD-1 was because the lock was going to expire and with rates rising we were at risk of losing the rate that we had. 
I have the documentation to back up my claim and I am sure that you do not. Also, I am curious as to what disclosures were given to ******* Mortgage and who's signatures are on them. If you would like to have the complaint come straight from the primary borrower, that will happen. 


Bottom line: What matters is that box 1 and box 3 of the signed good faith estimate provided to us within 3 days of the loan application and rate lock date does not match the final settlement statement. As you will see below there is a zero tolerance for changes in box 1 of the gfe and 10% tolerance for box 3. The original gfe dated 12/12/12, box 1 has no cost. The final settlement statement shows 8,870.62. The original gfe dated 12/12/12, box 3 has no cost. The final settlement statement shows 1,604.82. Based on these differences, Emery Federal Credit Union owes 10,475.44 to *** and ***** **********. Please reference the website and notes below regarding the RESPA (Real Estate Settlement and Procedures Act) laws.

http://www.federalreserve.gov/boarddocs/supmanual/cch/respa.pdf
Changed circumstances are defined as:• acts of God, war, disaster or other emergency;• information particular to the borrower or transaction that was relied on in providing the GFE that changes or is found to be inaccurate after the GFE has been provided;• new information particular to the borrower or transaction that was not relied on in providing the GFE; or• other circumstances that are particular to the borrower or transaction, including boundary disputes, the need for flood insurance, or environmental problems.Changed circumstances do not include the borrower’s name, the borrower’s monthly income, the property address, an estimate of the value of the property, the mortgage loan amount sought, and any information contained in any credit report obtained by the loan originator prior to providing the GFE, unless the information changes or is found to be inaccurate after the GFE has been provided. In addition, market price fluctuations by themselves do not constitute changed circumstances.Changed circumstances affecting settlement costs are those circumstances that result in increased costs for settlement services such that the charges at settlement would exceed the tolerances or limits on those charges established by the regulations.Changed circumstances affecting the loan are those circumstances that affect the borrower’s eligibility for the loan. For example, if underwriting and verification indicate that the borrower is ineligible for the loan provided in the GFE, the loan originator would no longer be bound by the original GFE. In such cases, if a new GFE is to be provided, the loan originator must do so within three business days of receiving information sufficient to establish changed circumstances. The loan originator must document the reason that a new GFE was provided and must retain documentation of any reasons for providing a new GFE for no less than three years after settlement.None of the information collected by the loan originator prior to issuing the GFE may later become the basis for a ‘‘changed circumstance’’ upon which it may offer a revised GFE, unless:• it can demonstrate that there was a change in the particular information,• that the information was inaccurate, or• that it did not rely on that particular information in issuing the GFE. A loan originator has the burdenof demonstrating nonreliance on the collected information, but may do so through various means, including through a documented record in the underwriting file or an established policy of relying on a more limited set of information in providing GFEs.If a loan originator issues a revised GFE based on information previously collected in issuing the original GFE and ‘‘changed circumstances,’’ it must document the reasons for issuing the revised GFE, such as its nonreliance on such information or the inaccuracy of such information.

Block 1 - The origination charges, which include lender processing and underwriting fees and any fees paid to a mortgage broker;Note on Origination Charge: This block requires the disclosure of all charges that all loan originators involved in the transaction will receive for originating the loan (excluding any charges for points). A loan originator may not separately charge any additional fees for getting the loan such as application, processing or underwriting fees. The amount in Block 1 is subject to zero tolerance, i.e., the amount cannot change at settlement.
Tolerance Categories• Zero tolerance category. This category of fees is subject to a zero tolerance standard. The fees estimated on the GFE may not be exceeded at closing. These fees include:– the loan originator’s own origination charge, including processing and underwriting fees;– thecreditorchargefortheinterestratechosen (i.e., yield spread premium or discount points) while the interest rate is locked;– the adjusted origination charge while the interest rate is locked; and– state/local property transfer taxes.
 Ten percent tolerance category. For this category of fees, while each individual fee may increase orConsumer Compliance HandbookRESPA • 5 (6/10)Real Estate Settlement Procedures ActReal Estate Settlement Procedures Actdecrease, the sum of the charges at settlement may not be greater than 10 percent above the sum of the amounts included on the GFE. This category includes fees for:– loan originator required settlement services, where the loan originator selects the third-party settlement service provider;– loan originator required services, title services, required title insurance and owner’s title insur- ance when the borrower selects a third-party provider identified by the loan originator; and– government recording charges.
Included in the ten percent tolerance  would also be the VA funding fee.

Regards,

***** **********





Business Response:

*****, please contact our corporate office and ask for Cari to address any additional concerns.  I do not feel we will get to a solution working through the electronic means. (Please note, she will be out of the office until the end of next week).

Thank you.

10/4/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: In November of 2012 I recieved a (cold call) letter from Emery Federal Credit Union advertising mortgage refinancing products. When I contacted them, I explained early on that I wanted as low an interest rate with as little down at closing as possible. Throughout the entire process I dealt with one individual who would promise to get back to me, require documents to be submitted, forms to be signed and while I would take care of these in a timely manner, I would go weeks before I heard anything. I probably should have walked away but recognize that the more times banks or credit unions check your credit history, it pulls down a personal credit score. I just wanted to finish the process with this company that made many promises. In May of 2013, in an attempt to bring this process to a resolution, I asked for Emery to submit their final offers. They sent me 3 interest rate levels and the amount that would be required to be brought to the closing. I settled on one and a closing date was arranged. Since I am out of state, Emery would have to arrange for someone to come to my house to sign the documents. Two hours before the closing I was contacted (by the person I had been dealing with for over 6 months) and told that I need to bring more than double the amount to closing than was previously required. He blamed it on *** **** States high taxes (this was supposed to be factored in in May). When I spoke to this person's supervisor, he apologized and offered no other explanation, but promised that he would personally work with the lender to try and "get the best deal possible" and he would get back to me. 8 days later I need to call Emery to find out what the bottom line was going to be and they explained that it was take it or leave it. Before I formally complained to the BBB and **** I reached out to the CEO of Emery, but received no communication. All I'm looking for is what was promised to me in May of 2013, especially now that interest rates are continuing to rise.

Desired Settlement: 1)My preferred settlement is to receive the refinancing package that was promised to me in their May 2013 email. 2)Emery should temporarily refrain from seeking customers outside of Ohio.3)Send a letter to my current mortgage company explaining that they were the reason for my late June mortgage payment (they instructed me not to make the payment due to the closing).4)Emery should publically acknowledge they are working to fix their customer service problems and speed up the refinance process

Business Response:

Below is the Timeline for this transaction which illustrates two important aspects:1. This was a complicated process made  more complex by the Lender, and 2. It illustrates the great effort this LO put into trying to close this loan for the Borrower. The LO was regularly in contact with both the Borrower and the Underwriter for the Lender (****** Bank) but as a Broker, Emery was limited to undertaking the tasks and requests created by the Lender in a changing rate market.

With the limited funds available to bring to the Closing Table, each delay  created a new issue. While this explanation may not satisfy the Borrower, it does explain the basis for both the Borrower’s and the LO’s frustration. Please Note the  Electronic Conversation Log (attached) which tracks this explanation.

-          LO completed app and sent to borrower 12/12.

-          App back in the office 1/7

-          Application was missing NOTE and Mtgt statement which are required items to submit the loan to the lender. Current mortgage with **********, payoff’s take 10 bus days to receive payoff.

-          File was registered with ***** mortgage. Loan # *********2. Locked on a 75 day lock at 3.375 with credit of -2.186. Rate expiring on 3/31

-          Received all required documents to submit loan 2/13 (Note/Payoff/Mtgt Stmt)

-          Loan Conditions Approved on 2/21 – Conditions sent to LO 2/22 (Lender did not condition for assets at this time)

-          Conditions received and submitted back to the lender on 2/27

-          3/1 – Received confirmation from ***** CRR that conditions were received and submitted back to the U/W

-          3/13- Did not receive a response from *****, so I emailed CRR for update

-          Response from CRR: We did receive conditions on 3/1 and the loan was reconditioned by the underwriter for:

UPDATED: using this new pay off the borrower is short funds to close borrower to provide bank statements for funds to close  equal or greater than $2200

-          Emailed LO to request bank statements from borrower

-          L/O contacted borrower and left message about needed funds for closing and requested bank statements

-          3/25 – LO speaks with borrower and borrower advised LO that he did not want to bring these funds to the closing table     

-          L/O offered to increase rate from 3.375 to 3.50 with credit of -2.686 in an effort to lower the closing costs. Still expires on 3/31

-          3/31 – Still waiting on assets from borrower. Rate expires same day. Rates were higher than original lock so we have to request extension 20 days.

-          4/2 –  ***** Bank Stmts received and submitted to lender. Balance  of statement $********

-          4/3 – Lender came back asking for Feb bank statement. Requested from LO

-          4/5 – Borrower sent in Feb. statements, submitted to lender same day. Balance of statement $********.  Requested new payoff.

-          4/15 – Received updated payoff from ********** and submitted to lender.

-          4/16 – received response from lender with new payoff and prev. rate extension borrower’s estimated cash to close is now $********. We now have assets verified for $********. Waiting for U/W final approval.

-          4/29 –Received response from lender File is now over 45 days, Feb. Bank stmts are now expired. Lender requires more recent bank statements. Requested April bank stmts from LO. Credit Report also expired

-          *** – received borrowers Aprils bank statement. Statement balance is $******** (Because Borrower had less funds on April bnk stmt vs March stmt April assets are now being used to verify CTC)

-          Submitted bank statement/ new pay off to lender/ New credit report.

-                      Rate was relocked on *** @ 3.5% paying 102.561 credit to the borrower. Expiration 6/2

-          5-13 – Lender came back stating that we are still short funds to close now cash to close is $***** because lender was showing taxes were still due when they had already been paid.  I called title company and requested updated tax cert to reflect the taxes paid, this lowered the cash to close to an estimate of ****** however with Aprils statement only showing a balance of $******** we still have a cash to close issue.

-          L/O contacted the borrower giving him option to increase the rate, borrower was trying to decide whether to move forward.

-          5/28  LO speaks with borrower to increase rate/credit one last time to from 3.5 to 3.75 at credit of 3.686, expires on 6/2. Cash from borrower is now estimated at $******** in encompass. Cash to close issue was resolved. At this point payoff in file was set to expire, o**ered new pay off which takes 10 bus. Days to receive.

-          ***1 – Rate set to expire again – LO asks for 3 day free extension. New expiration is 6/5

-          6/4 – Lender final approves the loan but Lender asks for updated title/VOM and New payoff to obtain a clear to close (Payoff was already ordered at that time, just waiting to receive it.)

-          6/5 – Rate extended 10 days at the charge to the borrower – rate now expires on 6/15 credit should be *****, but in ***** system it was showing 3.561 which are the figures we used for Encompass as well as what we were going off of for quoting borrower cash to closing at estimated $*******

-          6/6 – All CRR conditions obtained and submitted back to the lender for clear to close

-          6/6 – Received clear to close and scheduled closing with lender/title company for 6/10

-          6/10- Lender has not responded with HUD approval, I probe for answers and CRR responds stating that we still have a cash to close issue.

o   From CRR:  have figured out what is going on with this file.  We have a cash to close issue on it.  The borrower is currently bringing ******* to closing with only 2198 verified.  We need additional assets or a new prelim *** with reduced fees. 

The 10 day extension as well as the discrepancy in *****’s system along with interim interest (FHA loan) caused the fees to increase.

- We requested assistance from A/E on rate extension costs due to the situation in hopes to lower the cash to close issue. Per A/E they were unable to provide us with any free extensions or reimbursement of prev. ext. requests.

-          L/O contacts borrower and borrower advise LO that he does not have the funds to close.   Advised that rate is expiring and can no longer be extended also advised rate no longer available.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

Despite Emory Federal Credit Union's response to the situation all they have done is rationalize and justify my complaint in that 1) that the mortgage process took well over 7 months and could have easily continued well beyond that time frame. 2) The record proves that Emory or Emory's lenders customer service was atrocious by changing agreements and not working in a timely manner. 3) Only once my complaint was filed was there ever an issue about how much money would be brought to closing. I was very upfront from day one about my needs and expectations and according to their response, they are attempting to blame me for things not working out. 4) They did not address in any way one of my suggested resolutions. They have supported my complaint and want to be let off the hook for their treatment of a potential client. If they had their way, Emory would encur not one consequences for their business practices. In my view, this is unacceptable.

Regards,

 

***** ******* ***

 

 

9/13/2013 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: I have filed a dispute with ********** regarding my creditor Emery FCU on May & June and Emery FCU has failed to correct the discrepancy. The Bankruptyc filing date is incorrect and since has been discharged for the full amount 4710. I have since contacted Emery FCU several times at ###-###-#### and have been tossed from person to person. I have left voice mails and still have not been contacted. The amount owed was all inclusive in the bankruptcy there is no amount due and the date needs to be corrected.

Desired Settlement: Remove amount owed as its been satisfied in the Bankrupty. Update the statement of Date filed and Discharged of the Bankruptcy. A letter to me stating this has been resolved.

Consumer Response:

Attached are copies of material from the Chapt13 Website.  Please let me know if this is sufficient.  There is not a document online (other than attached) stating discharges.  I have the original letter in file.  I will try to get it scanned into the computer to send.  Hopefully the attached documentation is sufficient. 

Business Response:

This member filed Chapter 13 bankruptcy February *** ****.   

Once Emery received notice of the bankruptcy, (March 2009), our core processing system and our 3rd party MasterCard  system were coded to show a Chapter 13 bankruptcy filing.

Emery charged off the balance of the MasterCard ($4,710.37) and the unsecured portion of loan (7,313.21) according to our internal policies and procedures close to the date of the bankruptcy filing.  Her bankruptcy plan only called for a payment of five (5) cents on the dollar to unsecured creditors. 

The member completed her Chapter 13 bankruptcy plan and received a discharge on May 14, 2013.  Again, once Emery received notice of the discharge, our core system and MasterCard system were updated with the discharge information. 

In June or July of 2013, the member called collections to ask that her credit bureau be updated.  I advised her that she would need to file a dispute with the credit bureaus.    (Her statement indicated that a dispute was filed in both May and June but we can’t verify that)

In July 2013, our dispute employee reviewed an ******* request (generated by the filed dispute) to update the member’s credit bureau file.  We discussed the account and verified that the account was coded correctly in both the core system and the MasterCard system.  Therefore, there was no update to the credit bureau based on the dispute.   The dispute employee then received a phone call from the member regarding the ******r filing.  She tried to return the call but there was no answer or voice mail at the number left by the member. 

 It should be noted that neither system (core or MasterCard) appends a date to the file maintenance when a bankruptcy is updated from “Chapter 13 petition filed” to “Chapter 13 discharged”.   It is our belief that the member may have incorrectly read the credit bureau seeing the discharge date as the date of filing. 

Additionally, when payments for a charged off MasterCard are received, the balance on our systems is not updated; entries are made to a ** account for charged off accounts. 

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

 

Regards,

****** ******

 

According to ALL credit reporting agencies, the creditor is responsible for updating their information to the credit bureaus -THEY the CREDITOR reports to the credit bureaus which is why I am/was referred to Emery CU.   Emery is stating I have a balance-if it was charged off - it should be a zero balance and noted - it is a charge off (as you can see others are reported that way).  There is no debt owed to Emery and with the way it reads I have been notified by Creditors this is showing outstanding balance and appears not paid.  I understand the historical data showing past due, but it is over and no balance owed on any account with EMERY. 

I've contacted my Attorney **** ** **** in Cincti and he also agrees EMERY is responsible for showing a zero balance as well as the Office of Trustee -  you also received the Discharge Papers which show a ZERO balance.  This should show ZERO balance and noted, charge off and Bankruptcy Discharged. 

If this is not to be completed by EMERY I would like to know as I will consult with legal counsel.   

Please advise.

****** ******

Business Response:

We have verified that the information is being reported correctly to the credit bureau, but I would like to verify what Ms. ****** is reviewing.

We did not receive notice of the discharge until June, which is when we made the update.  This update did not make the June upload to the credit bureaus, so it would not have been seen until after the July update was made.  If Ms. ****** is looking at a credit bureau report prior to this then the information would be incorrect.  A current report should reflect the correct information.

We want to make sure that this is rectified.  If necessary please contact ***************** and address the email to Ms. *******.

Thank you.

7/9/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: We were refinancing our home with Emery Federal Credit Union. We had a GFE of 3.25% 30-year fixed with $3800 cash at closing. So at this point, we stopped shopping around and started responding to all the requests that they required.Literally about 3.5 hours prior to signing/closing, they called to say that they had increased the cash at closing by about 200% to over $7000. They gave a litany of excuses as to why they had to do that.At that point, we had missed out on the 3.25% rate since rates have gone up, we incurred the cost of having to switch our home insurance and paying a higher premium as requested by Emery and we incurred a late payment fee for our mortgage since Emery says not to pay the mortgage the month of the closing so they can have their numbers correct.The supervisor called me after the deal fell through and sent a HUD with the same 3.25% 30-year fixed but this time with a $9000 cash at closing.These companies are incompetent at best and dishonest and predatory at worst.We worked with:***** ********** *****3Loan OfficerThe supervisor, ******* in TN at ###-###-####And *** ****** at the ******* ****** of *** Bank at ###-###-####

Desired Settlement: Emery should be held to their GFE (3.25% 30-year fixed for $3800 cash at closing) since I was.

Business Response:

Because of the many facts and log entries involved, we have set forth the Loan Officer’s Summary of events taken from the Electronic Conversation Log for the ******* File. Note that upon receiving the financial information from the proposed Lender for this Loan, the LO sent a Change of Circumstance Report as required by RESPA and is sending a new GFE as required. The LO  is still working with this Borrower, to effect the close of a loan acceptable to Mr. *******, under the circumstances as now defined by the Lender and the Insurance Company. The last paragraph was written by the LO in defense of his actions, and commitment to this Borrower.

In response to Mr. *******’s BBB complaint:

When I first received the call from ****** ******* on 4/23/2013, he told me right away that he had been trying to refinance for a long time but could not find a lender who could help because his property was an FHA investment and it was underwater, value wise, and would not appraise for what was owed. I searched our database of lenders and found two which would work with this. Because we were the only lender he had found in his search who would work with his situation, we began the process. When we discussed goals in the beginning, Mr. ******* asked to have a gap of not making two months payment between his current mortgage and new mortgage. We ran the file through *** Banks GFE approval system and sent everything off to the borrower on 4/24/2013. The signed paperwork was emailed back on 4/29/2013 at which point the file went into underwriting. On 5/7/2013, we received notification from the underwriter that a **** drive-by appraisal would be required as the HVE did not come back for this property. This was a surprise to us but it was ordered and paid for by myself because in the beginning I told Mr. ******* that at no point would he have to pay for an appraisal.

On Thursday, 5/9/2013, I received notice from Mr. ******* that he and his wife would be leaving the country that following Monday for 8 days. We scrambled to get conditional approval in one day as that is what was the only hope of getting everything submitted for full approval. During their time away, we were given notice by *** Bank that their property was under-insured at $199,200 with no replacement insurance and the refinance on the property was for $255,089. In order to complete the loan *** Bank required the insurance to be adjusted. When I communicated this to Mr. *******, he told me that his current insurance company would only take them to $206,000 with no replacement coverage as ********* is a coastal city and they do not offer that. *** Bank would not accept that amount and the only other option was to shop carriers. Mr. ******* communicated with me that this was “a deal killer” and they did not want to move forward. This was on 5/23/2013. That same evening, he called me back and stated that he had thought everything over and wanted to continue the process and would begin working on the insurance transition the following day.

The afternoon of 5/24/2013, we received a notice that the carrier he had selected could take him to $233,000 but still with no replacement coverage. For the following 2 days, *** Bank and the new carrier went back and forth trying to get the insurance complete. Finally on 5/29/2013, everything was cleared to go to closing and we scheduled for 5/30/2013. At that point, the only additional cost that both Mr. ******* and I were aware of was the year’s worth of premium for the new policy that would need to be taken care of at closing. The money to closing did increase substantially, which was a surprise to me. When I called Mr. ******* to talk to him about final numbers, he would not hear me through and hung-up on me. What I tried to explain to him was as follows:

        The increase from the original GFE came from the following: (1) interest from previous loan as it is an investment property only allowing principal payoff to         

         be new loan amount (this is why we were attempting to close at the end of the month, so they would not have to pay double interest) (2) years worth of

         insurance premium (both he and we knew about) (3) as the 2055 appraised value came in at $177,000, *** Bank unknown to us adjusted the yield spread

         (we were not made aware of this change until the final HUD).

While I do agree with Mr. ******* that the final number that was given was a shock, when the original GFE was given back on 4/24/2013, we could not predict the events that unfolded during the course of this loan. Over the course of the last year, I have successfully worked with 55 clients who have all been extremely satisfied with their new loan and their experience with both me and Emery Federal Credit Union. Up until this unfortunate turn of events, I personally have not had one loan get to closing and not close. Many of my clients have been referrals because of the service that was provided. I know that if any of them were asked, the words “incompetent, dishonest and predatory” would not come up at all. I work extremely hard to give all my clients the best service available. I take each of their new loans very serious and strive to deliver the original goals that we set out in the beginning. Despite the complaints made by Mr. *******, he has continued to ask to work with us in an effort to complete his refinance at a slightly higher rate so that some of the closing costs could be eliminated with lender credit.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

 

 

The overall summary and gist of what ***** ****** detailed is correct with some minor exceptions:

1) I did not say I could not refinance because my house was underwater.  I clearly stated that I could not refinance in the past because my property was a rental property and not primary residence.  The term underwater never came up until their 'drive-by appraisal.'

2) I never asked for a 2 month gap between mortgages.  ***** explained that when they closed on refinances, that is how it worked. 

3) ***** reports that he paid for the drive-by appraisal.  I believe that you cannot charge more than 10% of the GFE estimate on that according to the 2010 law so this was not him going out of his way - this was following the law.

4) The conversation of my wife and I going on vacation is irrelevant and any scrambling done by Emery was of their own doing.  I clearly told ***** we had access to computers and fax machines so that I could do anything necessary from our vacation.  In fact, ***** emailed regarding getting another paper signed that had not arrived by mail so they wanted it re-signed.  I was about to do it when he emailed back and said they would just have us sign the paper at closing.  So the idea that we were unreachable is patently false.  In fact, I was fine closing in May or June.  ***** originally said June and they called back to say they could do it in May - I was indifferent.  So if Emery was 'scrambling' around, that was their own doing.

5) In terms of the point where ***** reports I 'hung up' on him, that could only be true if he was not listening to me.  I repeatedly told him I was bringing my son to his dentist appointment and I spoke to ***** the entire car ride and when we got to the dentist and had to go in, I told him I had to go in with my son and that I would call him when I got out (which I did).

6) Lastly, I did not ask to work with  Emery on another loan.  ***** said his boss would call me and when ****** called me, he said he would try and come up with another solution - which took the form of the same deal but even higher closing costs, or a deal with a higher interest rate but lower closing costs.  I never asked to work with them, they reached out (which was appreciated).

 

The above issues, while important enough to respond to, do not compromise the complaint.  The complaint is not directed at ***** as the response appeared to assume. 

 

The issue is I had a GFE in hand and 2.5 hours prior to the closing, the closing costs more than doubled.

 

I believe that the law was violated and that Emery bears the responsiblity.  In terms of the GFE, the 2010 law states:

 

 

 

Charges that cannot increase:

1.     Origination charges

2.     Credit or charge for a specific interest rate chosen

3.     Your adjusted origination charges

4.     Transfer taxes

Charges that cannot increase by more than 10%:
     1.     Government recording charges
     2.     Mortgage insurance premium
     3.     Appraisal fee
     4.     Credit report
     5.     Tax Service Fee
     6.     Title service and lender's title insurance
     7.     Owner's title insurance
     8.     Survey

Charges that can increase:
     1.       Initial deposit of your escrow account
     2.     
 Daily interest charges
     3.       Homeowner's insurance

Under the guidelines, the numbers of the Good Faith Estimate that the buyer was provided are compared with the final numbers of the HUD-1(Your final closing statement).  If these numbers do not match up, or stay within  above criteria, the lender is held personally responsible for the difference in cost.  The lender is accountable for all fees not disclosed; therefore even if they underestimates the fees, the buyer won't be liable for that mistake.

 

 

The whole idea that people were shocked by a house being underwater has no face validity.  The idea that a **** came in underwater and was a shock is unbelievable.  I would be curious to see how many loans that closed had ****s that came back under the value of the refinance.  If a loan company can't forsee that, then I shouldn't be penalized by their 'hard to believe' mistake.  I invested a ton of work into responding to their endless requests for more signatures and changing insurance companies, figuring out what their underwriter meant by replacement value on insurance, repeated explanations and paperwork on bank deposits, etc, etc as well as missing an opportunity to close with another company before rates went back up.  So while I complied with my part of the GFE and in responding to everything, Emery did not keep their part and did it in the last 2.5  hours where I was left with the option of "paying up (i.e. 200% of the GFE closing costs) or losing the refinance." 

Regards,

****** *******

 

 

Business Response:

We are sorry Mr. ******* is not satisfied but believe that this LO did everything within the scope of his authority as a Broker to meet the requirements of the Lender and accommodate the Borrower. Mr. ******* has an incomplete understanding of the Loan Process when there is a “Change in Circumstance”,  as defined in RESPA,  and dictated by the Lender (*** ** *** ******). That “change” triggers the filing of the RESPA required C of C Notice and new GFE based on the Lender’s requirements. As the Broker, the Emery Loan Officer can only report what the Lender (* ** Bank) will allow, and in this instance, the Lender made changes as a condition to closing based on the Lender’s assessment of valuation and risk. The Lender, not Emery, required the change so, under the Regulation, the LO is required to report that change, and present a new GFE, which he did.

7/8/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: applied for mortgage loan with emery federal credit on May 1 2013..was told we were locked in @3.25%apr. Four wks later we were told because the lady working our loan went on personal leave or quit (heard both from several supervisors)my loan was no longer at the stated rate and we would have to pay $1500.00 more in loan costs to continue with emery..A second option was to delay it another 30-45 days and go thru quicken loans..why should we have to pay for their employees personal problems. We have additional information including the names of the employee and his supervisors...Is this common with Emery ...

Desired Settlement: reinstate loan at agreed rate and written explanation why their employees problems became our cost ..

Business Response:

Mr. ******** was contacted by ****** **** (an Emery LO) for a refinance.  Mr. ******** was told by ****** **** that the rate was locked, when in fact it was not.  **** ********** was processing the file, and when her father passed away, her work was significantly affected by the emotional toll that it took on her.  We believe that Mr. ********’s file did not get the attention from her that it deserved because of this.  The responsibility however, lies with ****** ****, as he is the one accountable for not locking the loan and then telling the borrower it was locked. He then waited for the market to improve to the point that he could lock them in at the quoted price, which rate and terms were not available .  The Team  Manager verbally warned ****** **** about this file, and undertook a review of Mr. ***** files. Mr. **** resigned as soon as he became aware that he was on thin ice.

As far as being able to now honor the quoted price with this Lender, unfortunately, it was  impossible in this market. However,  Mr. ******** was given the opportunity to lock a rate at Quicken Mortgage (at a reduced commission to Emery) at the exact same terms as he was originally quoted.  He refused this option stating  he didn’t want to start the loan process over from the beginning.  He requested his documents be overnighted back to him, which the Team Manager  immediately did.  We would be happy to complete his loan at current market pricing, at no cost to him but given the changing market, unfortunately he missed  the opportunity to obtain the same rate as  offered him with Quicken Mortgage proposal.

We do not set rates, as a Broker, but only offer the best we can find at a given time, as quoted by our Lenders. We do have control over the Origination costs which would be stated on a new GFE.

7/3/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: I am being blown off my mortgage officer at Emery Federal Credit Union who has failed to live up to his promise to reimburse me for some minimal charges I incurred.

Desired Settlement: See above

Consumer Response:

The facts are simple.

 I was getting a little upset with **** *****, Emery Federal Credit Union mortgage officer that they kept calling **** for mortgage payoff.

**** charges $30 per payoff figure request. **** said not to worry as he would reimburse me after the loan closes & provide me with copy of appraisal.

Payoff was requested 3X resulting in $90  charge to me.

I've emailed **** ***** no less than 3 times requesting reimbursement that he promised & copy of the appraisal all to no avail.

**** *****

Consumer Response:

 

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me. 

Regards,

 

**** *****

 

 

 

6/4/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: I refinanced my mortgage through Emery FCU and was told early in the process that I would owe nothing out of pocket at the time of closing. 6 months later when all the documents were ready and I went to close, I was told I owed $657.27 to the title company. When I asked why I owed something when I was clearly told I would not, I was told it was because "the revised compensation laws lenders these days can't offer any credits which we used to be able to do. Otherwise we would have done so. In addition to that, USDA will not allow anything to be added to your existing principal balance. So the shortage occurred since we used all the pricing rebate to cover the closing costs and most of the new escrow account." And "The problem was that USDA unexpectedly was a month to sign off on the file and we had to extend the lock 3 times at a cost and then there was another months worth of tax and insurance that needed to be collected to avoid a shortage." This information should have been communicated through the loan process, so I could have been prepared and have the funds available to cover the costs, if I decided to continue with the process, and not on the scheduled day of closing.

Desired Settlement: I would like Emery FCU to stand by their loan officer's original statement and reimburse me the $657.27 I had to pay out of pocket unexpectedly.

Business Response:

The borrower was informed that we had to lock before submitting the file to USDA.  We locked him February 15th and sent in the “clear to close” and final conditions 2/15.  Chase came back with a few more conditions which were received from the borrower March 7th.  These were submitted to ***** and the file was sent to USDA on March 8th.  We did a lock extension on 3/15 (original lock expiration was 4/15)

By 4/12 the file was received back from USDA and we got ready to close.  The lock extensions are out of our hands when we are forced to lock a USDA loan before submission to USDA.  The loan officer wanted just a 30 day lock.  We tried  to close the borrower on the 18th but ***** had an issue with the way title was vested.. They finally rescheduled for the 20th and then right before closing the borrower’s wife left town so we could not close until 4/24.  We extended the lock for 7 days on the 15th, but that fell through due to the borrower’s wife leaving.  So, we had to extend another 7 days.

We are paid under the federal guidelines for “lender paid compensation”.  We are not allowed under any circumstance to credit the borrower, in any way, before, during or after funding.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

I have reviewed all the emails sent to me by the loan officers and none reference having to lock before submitting to the USDA.  Regarding having to extend the lock because my wife left town. We were scheduled to close that day at 4 PM. At 5PM whe. We had not heard from the notary or the title company she did leave on a trip. It turned out our closing was scheduled before the documents were prepared and sent to the notary. She needed to leave and we had no idea when or even if closing would take place that night because no one contacted us.

Regards,

******* *******

 

 

Business Response:

It is apparent that the previous answer was not enitrely understood.  This should help: The “Lock” is required by, and, in order to fix a rate before submission to the USDA. From that point on, Emery, as the  Broker, has no control over the schedule set by the Lender (******, who actually prepares and sends out the documents. Nor, does Emery have control over the Title Company or Notary who informs when they have scheduled the closing. The Loan Officer passes that information to the Borrowers, based on the schedule given to him by *****. We understand that they want to take someone to task for what they believe are failings, but that complaint should be directed to the Lender and not the Broker. There is no advantage to Emery for any delay or any additional conditions imposed by the Lender’s closing schedule or lack of completion of the Lender’s imposed requirements.

 

Regards, ******

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

My complaint is very basic. I was told, and was only ever told, I would not need to bring any money to close. I was never told I might need money at closing, or that there would be a chance I would need to have money available at closing. Since I was lead to believe that I would not need to pay any thing at closing by Emery FCU, but did, in fact, have to pay over $650 at closing, Emery should be responsible. 

Emery FCU made a mistake by promising me zero out-of-pocket at closing. They were unable to keep that promise, whether it was there fault or not. 

Regards,

******* *******

 

 

Business Response:

Please note that the loan officer was quoting the borrower what the current rate and credit was at the time of  the initial disclosures (proposal per borrower’s email) were sent out.  The disclosures were dated 11/9/12 and all settlement charges were valid until 11/27/12 as notated on the initial GFE that we sent the borrower.  Mr. ******* didn’t sign his disclosures until 12/13/12 as evidenced by the attachment.  Please also note that the disclosures we sent Mr. ******* showed him bringing in $884 in which the loan officer replied to Mr. ******* in Mr. *******’s attached email  that the settlement charges are paid for by the lender and that he would not have to bring anything out of pocket, but the loan officer was referencing to the settlement charges and the credit that was available at the time the disclosures were sent to the borrower.  In the loan officer’s next sentence he said that he disclosed that this was a USDA streamline and we were not allowed to add any closing costs to his principal balance.  Since the GFE expired, the rate and credit were no longer available at the time of loan approval and lock.  The loan was not closed until 4/24 due to delays in receiving documents from the borrower and the turn times for ******** ***** Housing Department as evidenced in the first time line that we sent in our first email back to the BBB.

Also, Mr. ******* was given a copy of his settlement statement before he closed on 4/18/2013 showing he was bringing in $513.85. (See attached emails from ***** ******** to ***** *******)  But due to the borrower’s wife leaving town, the lock had to be extended and the final HUD showed he had to bring in $657.27. 

If the borrower had a problem with bringing funds to close he should have said something before closing.  The borrower legally had 3 days to change his mind which is the recission period.    He was not forced to close/sign his closing documents.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ******** and do not believe this matter will ever be resolved to my satisfaction. I, therefore, do not wish to pursue the matter anymore. 

Regards,

 

******* *******

 

 

 

5/30/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: Started the refinance process with Emery in February 2013, after two months of processing our loan was approved and cleared to close. However, on the day of our scheduled closing we were told that Emery Federal Credit Union approved us for a loan that is unavailable in the state of ***** (where we reside). We felt like we were trapped into closing on a loan that we did not want since the appraisal and processing had been completed. The loan originator, ***** ****, was extremely helpful and reachable until our scheduled closing date arrived. When he noticed the mistake he stopped returning my calls and my emails. We did decide to close on a different loan product since we had no other choices. I feel like Emery should be help accountable for letting this process go to closing by mistake. We were also told there would be no closing fees and we they conveniently rolled in over 900.00 in fees. We are beyond frustrated and feel like we were treated unfairly.

Desired Settlement: At the very least I beleive that Emery should refund us the 900.00 worth of fees they rolled into our financed amount. They did not follow through with the product they offered and still had the nerve to charge us over a 9000.00 origination fee.

Business Response:

The ***** loan was approved and received clear to close as ****************************** ***** VA cash out loan by ***.  Once the LO was informed by *** that that they could not approve the receipt of cash at closing due to ***** law, the *****’s were offered an option to close on a streamline.  As you can see from the below email everything that they would be signing was fully disclosed.  Our origination charge cannot change due to our contract with the lender.  Emery had an $8,998.02 credit that paid for all pre-paids and closing costs with the exception of $970.  Homeowner’s insurance of $1,703.59 was paid on the HUD as well, and  $3,908.30  was deposited into their escrow account.  It’s unfortunate that *** led the LO to believe that ****************************** ** VA cash out was a possibility until the last minute, but I don’t think the LO could have been more clear with the streamline refinance that she agreed to move forward with. 

                                     E-MAIL REFERENCES---See below

From: ******* ***** ******************************
Sent: Friday, April 12, 2013 9:19 PM
To: **** *******
Subject: Re: Final HUD

Lets proceed with closing tomorrow at 10am tomorrow.

Thank you,

******* *****

###-###-####

Sent from my iPhone

On Apr 12, 2013, at 7:48 PM,

Hi ******* *

 

I have attached your final HUD for the settlement scheduled for tomorrow at 10am at your home.  Below in bullet point format I will go over each important line item referencing the specific page of the document so that you can follow along clearly.  Right now we have your loan amount $970 higher than your actual payoff to *** Mortgage.  Typically we would lower the loan amount so that your payoff is equal to your new loan amount thus indicating ****************************** true mortgage reset as we had planned.  This is still a possibility if you would like to push closing beyond tomorrow.  I know that the timeline for settlement tomorrow has been tight and we are absolutely willing to push settlement to change the loan amount if you direct me to do so.  As it stands now however, if you go through with settlement tomorrow, you loan amount will be $970 higher than you payoff.  Let me begin the bullet points regarding the HUD:

 

Page 1

 

·         Line 103 indicates the total charges of this refinance (this is due to a higher escrow collection than I had estimated and I will address this accordingly below)

·         Line 104 indicates your mortgage payoff to *** Mortgage

·         Line 202 indicates your new loan amount of $******* ($970 higher than your payoff)

·         Line 303 indicates that there is $0 due TO or FROM you the borrower at tomorrow’s settlement

 

Page 2

 

·         Line 803 indicates the lender credit towards covering your settlement costs

·         Line 1001 indicates the collection of property taxes and homeowners insurance escrow; you can expect to receive ****************************** refund from *** in an amount similar to the amount listed on line 1001

 

Page 3 – Under “Loan Terms”

 

·         30 year fixed ****************************** 3.75%

·         Your P&I payment is $********

·         Your total **** payment is $********

 

Moving forward:

 

·         Your first payment due to *** Financial is on 6/1/2013 in the amount of $******** (*** will send you paperwork within 15 days of settlement)

·         You will receive an escrow refund from *** within 30 days of your loan funding

 

If you decide that you would like to put off settlement so that our loan amount is exactly your loan payoff, then I understand 100%.  We can postpone settlement until your husband ***** *s able to sign.  Please let me know what you would like to do and we can move forward.  Thank you.

 

Sincerely,

** *******

 

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

 

We did agree to close on the streamline option because we felt like we had no other choice since we would be out of pocket the appraisal fee. We could have completed a streamline refinance with our existing mortgage company and received a lower rate and no out of pocket fees. If Emery would have been honest from the beginning and told us that our only option was a streamline refi we would have told them not to proceed with the appraisal and contacted our own bank.  We were sold a cash out product and proceeded with an appraisal knowing that Emery could follow through with their promises. I should not be penalized for the incompetence of a loan originator not knowing availability of Emery's loan products.

I regret making the initial phone call to Emery Federal Credit Union and fear that other people will have to go through the same nightmare I did. As soon as my loan originator knew that he could not follow through with the cash out option he stopped calling me and returning my emails. I had to call Emery's compliance department to reach his manager. I have wasted countless hours on this process and would like resolution.

 

Regards,

***** *****